Oil prices surge with Brent rising 5% as Trump vows to hit Iran ‘extremely hard’ within weeks
The Liberia-flagged crude oil tanker Shenlong Suezmax successfully docked at Mumbai Port after navigating the high-risk Strait of Hormuz amid the intensifying West Asia conflict on March 11, 2026 in Mumbai, India.
Hindustan Times | Getty Images
Oil prices surged as U.S. President Donald Trump hinted at further military action against Iran in the coming weeks, causing uncertainty in the market.
U.S. West Texas Intermediate crude futures for May rose by 4.1% to $104.21 a barrel, while international benchmark Brent crude futures for June increased by 5% to $106.42 per barrel.
Trump blamed Iran for the spike in oil prices, citing attacks on oil tankers and neighboring countries. He emphasized the U.S.’s intention to heavily retaliate against Iran in the near future.
The president assured that the conflict would be resolved swiftly, leaving room for diplomatic negotiations with Iran.
Brent
George Efstathopoulos, a portfolio manager at Fidelity International, expressed concerns over the uncertainty in the market following Trump’s speech, anticipating a prolonged period of risk-off sentiment.
Analysts predicted that oil tanker traffic through the Strait of Hormuz would remain disrupted, affecting global oil and gas flows significantly.
Trump’s remarks about a potential ceasefire with Iran briefly impacted oil prices, but conflicting statements from both sides added to the confusion in the market.
Brent oil prices fluctuated as Trump hinted at a possible de-escalation of military actions against Iran, signaling a potential end to the conflict in the near future.
